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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-07.5 (-02.5)  
 
  FN 3.5% Coupon   102-14 (-01)  
 
  Support   2.345%  
 
  Resistance   2.165%  
 
 
 
 
Wednesday, April 26, 2017
 
 
Treasuries are slightly lower across the curve this morning as investors await details of the Trump administration’s tax cut plan. The UST 10-Year yield is currently at 2.334% after closing at 2.333% prior.

Yesterday, treasuries were driven lower from President Trump’s expected call for a corporate tax rate cut from 35.00% to 15.00%. Investors continue to wait for the president’s broader plans, which could potentially boost stocks and reduce the desire for safe-haven assets.

Today’s quiet economic calendar only consists of the MBA Mortgage Applications for the week ending in April 21st, which rose 2.70% after falling 1.80% in the week prior. Purchase applications fell 1.00% after falling 3.40% in the week prior, while refinance activities jumped 7.20% after rising only 0.20% in the week prior. At 8:30 AM (PT), Treasury will auction $15 Billion of new 2-Year Floating Rate Notes, and then at 10:00 AM (PT), Treasury will return with a $34 Billion auction in new 5-Year notes.

The curve has bear-flattened with the UST 10-Year up 0.1 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/24 Chicago Fed Nat Activity Index 05:30 Mar 0.50 0.08 0.34 0.27  
                   
  04/24 Dallas Fed Manf. Activity 07:30 Apr 17.00 16.80 16.90 -  
                   
  04/25 FHFA House Price Index MoM 06:00 Feb 0.40% 0.80% 0.00% 0.20%  
                   
  04/25 S&P CoreLogic CS 20-City MoM SA 06:00 Feb 0.72% 0.69% 0.86% -  
                   
  04/25 S&P CoreLogic CS 20-City YoY NSA 06:00 Feb 5.78% 5.85% 5.73% 5.66%  
                   
  04/25 New Home Sales 07:00 Mar 584k 621k 592k 587k  
                   
  04/25 New Home Sales MoM 07:00 Mar -1.40% 5.80% 6.10% 0.30%  
                   
  04/25 Richmond Fed Manufact. Index 07:00 Apr 16.00 20.00 22.00 -  
                   
  04/26 MBA Mortgage Applications 04:00 21 Apr - 2.70% -1.80% -  
                   
  04/27 Wholesale Inventories MoM 05:30 Mar P 0.20% - 0.40% -  
                   
  04/27 Durable Goods Orders 05:30 Mar P 1.30% - 1.80% -  
                   
  04/27 Durables Ex Transportation 05:30 Mar P 0.40% - 0.50% -  
                   
  04/27 Initial Jobless Claims 05:30 22 Apr 245k - 244k -  
                   
  04/27 Continuing Claims 05:30 15 Apr 2007k - 1979k -  
                   
  04/27 Bloomberg Consumer Comfort 06:45 23 Apr - - 49.90 -  
                   
  04/27 Pending Home Sales MoM 07:00 Mar -1.00% - 5.50% -  
                   
  04/27 Pending Home Sales NSA YoY 07:00 Mar - - -2.40% -  
                   
  04/27 Kansas City Fed Manf. Activity 08:00 Apr 17.00 - 20.00 -  
                   
  04/28 GDP Annualized QoQ 05:30 1Q A 1.00% - 2.10% -  
                   
  04/28 Personal Consumption 05:30 1Q A 0.90% - 3.50% -  
                   
  04/28 GDP Price Index 05:30 1Q A 2.00% - 2.10% -  
                   
  04/28 Core PCE QoQ 05:30 1Q A 2.00% - 1.30% -  
                   
  04/28 U. of Mich. Sentiment 07:00 Apr F 98.00 - 98.00 -  
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice  
 
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